PetroNova provides update on the Matamata-1 well on CPO-07

CALGARY, Nov. 12, 2012 /CNW/ - PetroNova Inc. ("PetroNova" or the
"Company") (TSX-V: PNA), a company engaged in the exploration and
development of oil and natural gas resources in Colombia, today
provided an update at its Matamata-1 exploratory well located on the
CPO-07 Block (in which PetroNova has 20 percent working interest) in
Colombia's Llanos Basin.

The Matamata-1 exploration well was spud on November 1, 2012 and reached
a total depth of 4,040 feet on November 9, 2012 without incident. Good
sand development in the C5 and C7 Intervals of the Carbonera Formation
were identified, however, as petrophysical interpretation resulted in
low resistivity and high water saturation for the objective C7 and C5
sands, the Operator is presently abandoning the well.

"The Matamata-1 well completes PetroNova's Phase I exploration plan for
the CPO-07 Block, which resulted in one hydrocarbon discovery at the
Pendare-1 well in July 2012," said Antonio Vincentelli, Chief Executive
Officer of PetroNova. "We are currently preparing to move the rig to
CPO-13 to drill Arowana, our next prospect in the Llanos Basin drilling
campaign."

About PetroNova:

The Company, through its subsidiaries, is engaged in the exploration
for, and the acquisition and development of, oil and natural gas
resources in South America, specifically in Colombia. The Company's
assets currently include the Company's interests in the PUT-2 and
Tinigua Blocks located in the Caguan-Putumayo Basin in Colombia, both
of which are operated by the Company, and the non-operated
CPO-06,CPO-07 and CPO-13 Blocks located in the Llanos Basin in
Colombia. The common shares of the Company trade on the TSX Venture
Exchange under the stock symbol "PNA".

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information:

Certain statements contained in this press release constitute
forward-looking statements. These statements relate to future events or
the Company's future performance. All statements other than statements
of historical fact are forward-looking statements. The use of any of
the words "anticipate", "intend", "plan", "continue", "estimate",
"budget", "targeting", "project", "expect", "may", "will", "might",
"should", "could", "believe", "predict" and "potential" and similar
expressions are intended to identify forward-looking statements. Such
statements represent the Company's internal projections, estimates,
expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance. These statements involve
known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in
such forward-looking statements. Management believes the expectations
reflected in these forward-looking statements are reasonable but no
assurance can be given that these expectations will prove to be correct
and such forward-looking statements included in this press release
should not be unduly relied upon. These statements speak only as of the
date of this press release.

In particular, this press release contains forward-looking statements
pertaining to the Company's future exploration and development
activities and the timing thereof, including the Company's drilling
plans. With respect to forward-looking statements contained in this
press release, assumptions have been made regarding, among other
things: general economic, market and business conditions in Colombia
and globally; future crude oil and natural gas prices; the continued
availability of capital, undeveloped lands and skilled personnel; the
ability to obtain equipment in a timely manner to carry out exploration
and development activities; the regulatory framework governing
royalties, taxes and environmental matters in Colombia and any other
jurisdictions in which the Company may conduct its business in the
future; the ability of the Company to obtain the necessary approvals,
permits and licences to conduct its operations; future capital and
exploration expenditures to be made by the Company; future sources of
funding for the Company's exploration program; the geography of the
areas in which the Company is exploring; and adequate weather and
environmental conditions.

Actual results could differ materially from those anticipated in these
forward-looking statements as a result of certain risk factors,
including, but not limited to: general economic, market and business
conditions; risks related to the exploration, development and
production of oil and natural gas; risks inherent in the Company's
international operations, including security and legal risks in
Colombia; risks related to the timing of completion of the Company's
projects; competition for, among other things, capital, the acquisition
of resources and skilled personnel; actions by governmental
authorities, including changes in government regulation and taxation;
the failure of the Company to obtain the necessary approvals, permits
and licences to conduct its operations; environmental risks and
hazards; the availability of capital on acceptable terms; the failure
of the Company or the holder of certain licenses or leases to meet
specific requirements of such licenses or leases; adverse claims made
in respect of the Company's properties or assets; failure to engage or
retain key personnel; geological, technical, drilling and processing
problems, including the availability of equipment and access to
properties; failure by counterparties to make payments or perform their
operational or other obligations to the Company in compliance with the
terms of contractual arrangements between the Company and such
counterparties; and the other factors discussed under the heading "Risk Factors" in the Company's annual information form for the year ended December
31, 2011 and the Company's other continuous disclosure documents filed
from time to time with applicable securities regulatory authorities in
Canada and which may be accessed on the PetroNova's SEDAR profile at www.sedar.com.

Readers are cautioned that the foregoing lists of factors are not
exhaustive. The forward-looking statements included in this press
release are expressly qualified by this cautionary statement and are
made as of the date of this press release. The Company does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by applicable
securities laws.